|
Asset Management results |
|||
|
(in EUR million) |
2007 |
2006 |
change |
|
Total income, net of interest expense |
451 |
358 |
26% |
|
Change in impairments |
(9) |
1 |
* |
|
Net revenues |
442 |
359 |
23% |
|
Expenses |
(300) |
(239) |
25% |
|
Profit before taxation and minority interests |
143 |
122 |
17% |
|
Income tax expense |
(35) |
(33) |
5% |
|
Minority interests |
6 |
0 |
* |
|
Net profit |
102 |
89 |
14% |
|
|
|
|
|
|
66% |
66% |
| |
|
N.A. |
N.A. |
| |
|
-0.2% |
9.2% |
| |
Download XLSWe restructured our organisation as of 1 January 2008. Asset Management and Private Banking now form a single business. As the Financial Statements are based on our organisational structure as it stood in 2007, the Private Banking figures are not available separately but are combined with those of Merchant Banking.
Asset Management (in EUR million)
Revenues
Our financial performance was achieved mainly on continued generation of net inflow and favourable underlying markets in the first half of the year. Net commissions and fees went up 26%, from EUR 345 million in 2006 to EUR 436 million in 2007.
Expenses
Our total expenses increased by 25% in 2007, due to continued investments in IT and staff in line with Fortis Investments’ growth plans for the coming five years. Staff expenses went up 22% year-on-year, reflecting the significant increase in headcount and higher performance-related compensation. Other expenses rose too, due primarily to IT-related investments.
Net profit
Net 2007 profit at Fortis Investments rose sharply to EUR 102 million, up 14% on 2006. Excluding integration costs of the acquired ABN AMRO activities, net profit rose 21% to EUR 119 million.
Assets under management
Assets under management amounted to EUR 133 billion at year-end 2007, 10% higher than at year-end 2006. Our sustained performance was driven by strong sales figures earlier in the year and illustrates Fortis Investments’ highly diversified distribution platform and product solution offering. Additionally, we transferred our Fortis Multi Management division from Fortis Bank Netherlands to Cadogan Management and established a joint venture (CIT Fortis Investments) in Russia in the first half of 2007.
